The Asia pacific spirits market size is expected to expand from $246537 million in 2016 to $364532 million by 2025, at a CAGR of 4.38% between 2017 and 2025. The base year considered for the spirits market report is 2016 and the forecast period is from 2017 to 2025. The changing lifestyle and consumption habits of consumers, rapid urbanization, and high disposable income are the key drivers of the global spirits market.
The global spirits market is segmented by distribution on the basis of liquor specialist stores, duty-free, hypermarket/supermarket, online retailing and others. Stringent rules and regulations across different regions, health issues that arise due to excess spirits consumption and easy availability of substitute products are some factors that are restricting the growth of the market. The leading players in the spirits market are encountering challenges in heavy taxation and restriction on advertising in certain countries. Growing demand for imported spirits and various products with different flavors available in the market ae the new trends that are picking up in the near future.
Major players in the spirits market are Diageo Plc, Remy Cointreau, Bacardi Limited, Pernod Ricard, Brown-Forman, RadicoKhaitan, Suntory Spirits Ltd, Marston’s Plc, Stock Spirits Group, Hite Jinro Co Ltd, The Wine Group Inc, Constellation Brands Inc, Gruppo Campari, Amvyx SA and Miguel Torres SA.